Saxo Bank suing Fortune and IM International

FXstreet.com (Barcelona) - Saxo Bank has decided to sue back Portuguese Fortune and Lebanese IM International SAL firms according to its commercial lawyer J. Korsos Jensen after last weeks' rumors and actions on the back of irregular situations between Fortune, IM International and Saxo Bank.

"Saxo Bank, despite the attempt, been unable to get the two former clients' permission to publish the facts and thus the factual basis explain Saxo Bank's view. This is for obvious reasons totally unacceptable to Saxo Bank after same customers have emerged with such serious and unsubstantiated accusations, as has been the case," states Korsos.

Initially, Fortune complained against Saxo Bank to the Portuguese National supervising authorities CMVM, Banco de Portugal and Danish FSA authorities in 2008. The CMVM decided to suspend Fortune for three months between 2009 June and September and its directors without deadline due to malpractice in negotiating asset which resulted in great losses.

In Denmark, the Danish FSA decided not to accept the reclamation and the regulator also qualified the situation as 'unusual' and confirmed that Saxo Bank had reasons to suspend all trading in Icelandic Króna.

Now, Saxo bank has sued Fortune as well as IM International since the media has painted negative image of the bank and Saxo has evidence on the table in a lawsuit according to Saxo Bank's press release.

Regarding to IM International, Saxo has also presented allegations after "serious and false accusations" against the Bank.

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